Emerging Markets Case Study: Winning in Ghana · Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo 1 1. Introduction An economic study conducted by The …

Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo

Emerging Markets Case Study:

Winning in Ghana

By: Thembani C. Nkomo

Harvard University

This paper will explore the rapidly growing consumer market in

Ghana; and present steps, insights, and recommendations for

companies to successfully overcome its challenges.


EMERGING MARKETS CASE STUDY: WINNING IN GHANA

TABLE OF CONTENTS

1 INTRODUCTION ................................................................................................... 1

2 TAPPING GHANA'S POTENTIAL ...................................................................... 1

3 INSIGHTS TO GHANA'S MARKET OPPORTUNITY ....................................... 3

3.1 Population Growth ...................................................................................... 3

3.2 Decrease in Poverty ..................................................................................... 3

3.3 Rapid Urbanization...................................................................................... 4

3.4 Increased Consumer Access via Mobile Technologies .................................. 4

3.5 More Stable Business Environments ............................................................. 4

3.6. Reduced Trade Restrictions.......................................................................... 5

4 THE CHALLENGE OF THE LARGE INFORMAL ECONOMY ...................... 5

4.1 Case Study: Stanbic Bank ............................................................................ 5

5 CREATING THE RIGHT VALUE PROPOSITION ............................................ 6

5.1 Case Study: Uniliver .................................................................................... 6

6 DEVISING A MARKET ENTRY STRATEGY .................................................... 7

6.1 Entry via Greenfield Investment ................................................................... 7

6.2 Entry via Acquistion ..................................................................................... 7

6.3 Entry via Partnership or Joint Venture......................................................... 8

6.4 Entry via Licensing Agreements ................................................................... 8

7 CHALLENGES IN SOURCING AND PROCUREMENT ................................... 8

7.1 Case Study: SABMiller................................................................................. 9

8 SELECTING AN EFFECTIVE MANUFACTURING STRATEGY .................... 9

9 DEVISING AN EFFECTIVE DISTRIBUTION .................................................... 9

9.1 Case Study: Vodafone ................................................................................ 10

10 OPTIMIZING MARKETING AND DISTRIBUTION ....................................... 10

10.1 Case Study: Guinness Breweries ................................................................ 11

11 CONCLUSION ...................................................................................................... 11

12 EXHIBITS ............................................................................................................. 12

12 REFERENCES ...................................................................................................... 29


1

1. Introduction

An economic study conducted by The Economy Watch ranked Ghana as the fastest

economic growing country in the world in 2011, with a GDP growth rate of 20.15%. 1 While the

world’s average GDP growth rate in 2013 is estimated to be 2.5%, Ernst & Young forecasts

Ghana's GDP growth rate to be 7.5%; three times that of the world's average. 2 (See Exhibit 1).

According to the African Development Bank, consumer spending in Ghana is expected to nearly

double from $15 billion in 2010, to $29 billion in 2020. 3 Added to this, Ghana's per capita

income has grown by more than six times from $259 in 2000 to $1, 570 in 2011 according to The

World Bank. (See Exhibit 2). This is poised to increase by an additional 50% over the next

decade. 4

There are approximately 4 million Ghanaian middle class consumers, and the African

Development Bank predicts that the middle class will triple by 2060. Also, since Ghana is a very

young country, with 41% of citizens under the age of 15, global consumer companies entering

the market could build and maintain long-term followings. 5 (See Exhibit 14). Ghanaians are

increasingly demanding goods and services, presenting business opportunities in everything from

consumer products and telecommunications services to banking and construction. FDI in Ghana

has increased by a multiple of 10 since 2000. 6

(See Appendix 10). Added to this, the Ghana

Stock Exchange (GSE) is now the third largest capital market in sub-Saharan Africa, after South

Africa and Nigeria, and its Composite Index has increased from 1,209 in January 2, 2013 to

1,905 in July 23, 2013; a growth rate of 57.56% in 7 months. 7 (See Appendix 3).

Clearly, the outlook of Ghana is positive and companies should not neglect it when

searching for new emerging market growth opportunities. Perhaps Ghana’s tremendous outlook

was a reason that President Obama, accompanied by a panel of U.S. business leaders, choose the

country as his first sub-Saharan African country to visit in 2009. Rapidly improving income

levels, business environments, and infrastructure promise to drive Ghana’s continued growth in

consumer markets. However, most companies need to adjust their strategies and expectations

when entering Ghana. For example, logistics can be unreliable and both hard and soft

infrastructure lags behind much of the developed world; the overall quality of Ghana's

infrastructure was ranked 85th in the world by The World Economic Forum in 2011.

8 Thus, fully

understanding a company’s potential opportunities in Ghana can be challenging. Companies


2

with an interest in expanding their operations in Ghana need to be aware of why the country’s

consumers are attractive, which segments they should focus on, and how they can capture the

market’s potential most effectively.

This paper aims to analyze the emerging market of Ghana; and present steps, insights,

and recommendations on how companies can adjust their strategies to opportunities and

challenges to win in the emerging Ghanaian market.

2. Tapping Ghana’s Potential

A company’s market entry plan must indubitably reflect the role Ghana will play in its

broader corporate strategy. It must further focus on which regions it makes sense to enter, in

what sequence, and with what timing. This paper will address eight steps to win in Ghana:

1) Market Opportunity: Companies need to understand the market opportunities and their

target market. (Pages 3-5)

2) Significance of the Informal Economy: Companies need to understand the challenges

of Ghana’s large informal economy. (Page 5)

3) Value Proposition: Companies need to assess if they have the right product/service to

offer at the right prices for the Ghanaian market. (Page 6)

4) Market Entry Strategy: Companies need to determine how to enter the market with

minimal risk. (Pages 7-8)

5) Sourcing and Procurement: Companies need to determine if it should source locally or

import. (Pages 8-9)

6) Manufacturing: If the company produces locally, it needs to determine if it should use

local manufacturers or build its own capacity. (Page 9)

7) Distribution: Companies need to determine how they will distribute their products or

services to customers. (Pages 9-10)

8) Marketing and Promotion: Companies need to ensure that there is demand for their

products/services. (Pages 10-11)


3

3. Insights to Ghana’s Market Opportunity

The first step toward tapping into the opportunities in Ghana requires companies to

develop a profound understanding of the market, the competitors they will face, and the

consumers they will serve. While it is true that the country’s wealth of natural resources will

continue to be important, the greatest contributors to market growth are changing, with more

reliance on domestic demand in the form of consumer spending and imports, and less reliance on

exports. Despite the currently low per capita income levels in Ghana, average wages are

increasing, giving rise to an emerging middle class that will become more demanding as income

levels and spending rise. This quickened and sustained rise in consumer spending results from

the country’s population growth, decreases in poverty, and rapid urbanization. In addition,

increased access to consumers via mobile technologies, more stable business environments, and

the easing of trade restrictions make Ghana an ever increasing market opportunity for

prospective companies.

3.1. Population Growth

According to the World Bank, Ghana had an estimated population of 18.83 million in

2000, which has increased to an estimated 25.37 million in 2013. (See Exhibit 11). By 2050 the

population is expected to increase to almost 40 million. Furthermore, between 2013 and 2050,

Ghana’s active/working age population will grow from 56% of the country to 66%; a striking

contrast to more mature developed countries whose populations are aging and moving into the

dependent category, i.e. 65 years or older. 9 Accordingly, expansion of the economically active

population will lead to increased demand for goods and services.

3.2. Decrease in Poverty

Poverty levels in Ghana are projected to fall to 20% of the population by 2020 from

nearly 45% in the 1980s. In fact, Ghana’s GDP is growing even faster than its rapid rise in

population. 10


4

3.3. Rapid Urbanization

Ghana’s growing and increasingly wealthy population is becoming more urbanized as

well. By 2050, almost two-thirds of the population will live in cities; compared with 40% in

2010. 11

Approximately 15% of Ghana's population lives in its capital city, Accra. (See Exhibit

14).

Urbanization, in turn, will result in some Ghanaian consumers purchasing more goods

and services, and will further make it easier for companies to reach consumers with products,

services, and communications. Rapid growth in population and urbanization will also place

increased constraints on Ghana’s infrastructure requirements, requiring greater levels of planning

and urban investment from public and private sector players alike.

3.4. Increased Consumer Access via Mobile Technologies

Consumers in Ghana are becoming easier to reach due to an extraordinary uptake of

mobile services. In 2012, almost 75% of Ghanaians owned a mobile phone; a significant growth

from 30% in 2007. 12

This significant transition has made it easier for companies to reach

Ghanaian consumers through mobile marketing campaigns, contests, and promotions.

Furthermore, consumers are increasingly savvy because they are now linked to the rest of the

world through their cell phones and no longer isolated. (See Exhibits 17 – 22).

3.5. More Stable Business Environments

According to the World Bank's Doing Business 2013, Ghana was ranked 5th

in Africa for

“Ease of Doing Business.” 13

(See Exhibit 15). In addition, Ghana was ranked as the 6th most

transparent country in Africa according to Transparency International's Corruption Perception

Index 2012. (See Exhibit 16). Furthermore, with an index of 71, Ghana has the 5th lowest

political risk in Africa, and is tied with Brazil and Italy for 54th lowest in the world according to

The PRS Group. With democratic elections and improved business regulation, Ghana is more

business friendly than most emerging markets. 14


5

3.6. Reduced Trade Restrictions

According to the World Bank, trade among African countries in the past has been slowed

by the bulky tariff barriers that countries impose on imports. However, Ghana has opened up its

borders for imports. Ghana is a member of The Economic Community of West African States

(ECOWAS), which a regional group of fifteen countries. (See Exhibit 9). ECOWAS' mission is

to promote economic integration in “all fields of economic activity, particularly industry,

transport, telecommunications, energy, agriculture, natural resources, and commerce.” 15

In

addition, Ghana is a member of the World Trade Organization and The Global System of Trade

Preferences among Developing Countries.

4. The Challenge of the Large Informal Economy

While the developments identified foreshadows well for market entry into Ghana,

companies need to be aware of potential difficulties. For example, because the country has a

large informal economy with a prevalence of cash transactions, it is difficult to compile accurate

and representative data on consumer spending. However, companies can bridge this void by

creatively tapping into local networks to gather insights, partnering with universities and

companies that possess usable customer data, for example, telecommunications providers and

banks, and by designing market pilot programs that feature risk mitigation mechanisms.

Companies need to be prepared to walk the markets and gain insights from talking to street

vendors and observing consumers. They can then build qualitative models of how each market

operates; a necessary but very different approach to that used to understand developed markets.

4.1 Case Study: Stanbic Bank

Stanbic Bank, a division of South African emerging giant Standard Bank Group, provides

an example of how to overcome a challenge of Ghana’s large informal economy. One of the key

aspects of doing business in Ghana is the predominance of individual, self-employed vendors.

For instance, in Accra alone there are approximately 100,000 of such businesses. For banks such

as Stanbic Bank, the challenge is loaning money to the most promising of these entrepreneurs,


6

many of whom have little or no credit history. To tap into this opportunity whilst reducing its

loan default risk, the bank used a tool that enabled portable psychometric testing of potential loan

recipients, rapidly assessing their ethics and honesty, intelligence, risk tolerance, ethics and

honesty, and business skills. The bank also deployed a mobile workforce to complement its

local banking branches, and further mitigated risk by using “seed loans” with “graduation plans,”

which allowed the bank’s business with a given customer to grow as the customer’s credibility

was established. 16

Bank Group—

5. Creating the Right Value Proposition

Once a company understands the market, it needs to create a differentiated and attractive

offering that takes into account the special nature of Ghana. For instance, price remains the key

consideration for the majority of Ghanaian consumers because of lower income levels. In

addition, companies need to remember that community and family are strong elements of the

Ghanaian culture. Accordingly, companies need to ensure that their branding and promotional

efforts reflect such values. Potential initiatives could include introducing sustainable

development programs and corporate social responsibility that position the company as

something more than just another shopping choice.

5.1. Case Study: Unilever

London-based Unilever has conducted business in Ghana since 1992, selling food, soaps-

suds, personal-care products, and more products. To capture the bottom of the market segment

in Ghana, Unilever has developed a strategy to compete for the thin wallet. First, it uses the

“small unit packs/low unit price” concept. For example, Uniliver packages its Omo washing

powder or Blue Band margarine in small sachets and sells them for less than the equivalent of

US$0.10 cents a packet. With this strategy, the company has successfully moved consumers

through the value chain. Unilever starts by selling poor Ghanaians the low cost per unit packs of

Omo and then moves them to larger packs when they become more affluent. 17


7

6. Devising a Market Entry Strategy

Although Ghana has shown significant improvements as a consumer market, many

barriers to entry still remain. While Ghana was ranked as the 6th most transparent country in

Africa according to Transparency International's Corruption Perception Index 2012, corruption

is an ongoing concern. Added to this, there is generally a lack of infrastructure. There is also a

lack of local talent as a survey conducted by AudienceScapes in 2009 found that only 1% of

Ghana's population has a university degree or higher. 18

(See Exhibit 13). This is coupled with

burdensome regulations and bureaucracies. To choose the right strategy for overcoming these

hurdles, companies must assess risks and then decide whether to establish a standalone business,

enter via an acquisition, seek partnerships and joint ventures, or participate by licensing the

firm’s products and services to another company. Each approach has its advantages and

disadvantages.

6.1. Entry via Greenfield Investment

Entry via a Greenfield investment can result in the biggest payoff if successful; however,

it also presents the riskiest choice for companies that lack local market knowledge, access to

distribution channels, or political connections in Ghana. Nevertheless, Ghana is still ranked 7th

in Africa and 49th in the world in protecting investors according to the World Bank's Ease of

Doing Business. (See Exhibit 15).

6.2. Entry via Acquisition

Conversely, although entering the Ghanaian market via an acquisition can be expensive

and time consuming, it can provide immediate access to existing distribution channels, networks,

and the opportunity to gain deep local market insights that companies can scale up to address

other markets. A recent example of acquisition activity in 2013 taken by a multinational in

Ghana is Old Mutual's acquisition of Provident Life Assurance Company Limited, which is the

5th largest life insurance company in Ghana. This acquisition has given Old Mutual immediate

presence to position itself in the emerging market of Ghana.


8

6.3. Entry via Partnership or Joint Venture

A partnership or joint venture provides a fast way of gaining access to local market

knowledge and distribution channels. However, selecting the right partner requires a careful

appraisal of ownership, control, pricing and local partner capabilities.

Regimanuel Gray Limited represents an example of a successful international joint-

venture in Ghana. It is a joint venture between Regimanuel Ltd, a Ghanaian company with

substantial interest in the construction, mining and hospitality in Ghana and Gray Construction of

Houston, Texas, a U.S. firm with substantial interests in the construction industry in the United

States. Since its inception, the company has had an assemblage of dedicated top caliber local

and expatriate personnel managing its emergence as the leading private real estate developer in

Ghana. Regimanuel Gray’s well-known hallmarks are the timely construction and delivery of

high quality reasonably priced housing units at prime locations which are adequately provided

with social amenities and well developed infrastructure. To date, it has more than 2,000 houses

bearing these hallmarks and has been the recipient of the Home Finance Company Gold Award

for Best Estate Developer, the Ghana Millennium Excellence Award, and the 13th International

Construction Award of Trade Leaders Club, Paris. It is also a member of Ghana Club 100-a

selection of the top 100 Companies in Ghana. 19

7. Challenges in Sourcing and Procurement

Companies have to develop a stable and cost effective supply chain that allows them to

meet local needs and overcome local challenges; all while ensuring profitability. Importing raw

materials or finished goods into Ghana is burdened by many of the same hurdles that make

market entry difficult and include complex regulations, corruption, high taxes, and substantial

import fees. Furthermore, Ghana’s roads and basic infrastructure are often poor, which increase

costs of distribution. While Ghana has four ports, they are often inefficient and congested.

To overcome these challenges, companies interested in entering Ghana need sourcing

partners with robust links to the community and high levels of intelligence regarding local


9

preferences and issues. They also need to invest in the capacity and capabilities of these

partners, establishing training and incentive programs that allow them to fulfill the company’s

brand promise.

7.1. Case Study: SABMiller

SABMiller, a global brewing giant, has been able to overcome the challenges of sourcing

in Ghana by setting up cooperatives with local farmers to supply cassava and barley to suit the

tastes of different consumer segments. SABMiller has also signed long-term contracts to buy

crates from a Ghanaian producer, as well as locally produced cans. 20

8. Selecting an Effective Manufacturing Strategy

In addition to solving sourcing problems, companies must develop a relevant and robust

manufacturing strategy in Ghana. A company’s strategy should either feature strong

partnerships with local producers or focus on the development of in-house manufacturing

capacity close to its target markets. While the right manufacturing strategy should be specific to

each company’s context, capabilities, and goals; a few general guidelines can nevertheless be

useful. Companies doing business in Ghana should aim to improve the stability of key resources

by introducing term contracts, make upstream acquisitions to ensure supply, and invest in

sources in diversified locations to minimize disruptions. Building trust-based relationships with

Ghanaian producers is also important. Of equal importance is the provision of training and

technical support to Ghanaian manufacturers to ensure high standards for raw materials sourced

locally.

9. Devising an Effective Distribution Strategy

More than 60% of Ghanaians currently live in rural areas and have limited access to

transportation. 21

Given this fact, reaching final consumers can be extremely difficult and costly.

Poor roads and limited infrastructure can make delivering products or services challenging task.


10

Companies should therefore build strong sales and distribution networks by utilizing third

parties, wholesalers, and direct distribution models. Companies can reach rural consumer

segments effectively by employing local residents to act as agents, or alternatively by partnering

with Ghanaian organizations with links to these rural markets.

9.1. Case Study: Vodafone

To boost its market share among rural, low-income Ghanaians, Vodafone has created

services tailored to their needs through a network of local agents, established kiosks in rural

areas, and has given agents motorbikes to reach the most remote areas. Vodafone has also

developed lower denominations of $1 when selling airtime, reflecting the low and unpredictable

income of many Ghanaian consumers. Because of these kinds of innovative distribution and

promotional activities, Vodafone has captured a significant portion of Ghana’s low-income

consumer segments, which represent crucial market entry points. 22

10. Optimizing Marketing and Promotion

Companies accustomed to stimulating demand through Western style promotional and

marketing approaches have to rethink their strategies for the Ghanaian market. Most Ghanaian

consumers buy from informal street vendors and kiosks, and they often make purchases in a

more unpredictable pattern than Western consumers. Traditional media outlets such as TV and

radio, do not always reach these masses, especially those living in either rural areas or urban

slums. Weak infrastructure limits access to media in much of Ghana; whether TV, social media,

or websites, making such interactions significantly rare events.

Companies should therefore identify robust local partners to help them access informal

markets and obtain the information they can use to filter their offerings and messages. They

should spend their marketing budgets wisely, being mindful that TV, radio and print campaigns

will not have the same impact that they would be in developed markets. (See Exhibits 23 – 32).

In particular, when attempting to reach the lower income segments, companies should to ensure


11

that their promotions and marketing efforts are focused on the community, and are visible in the

market through relevant media and campaigns including radio and contests.

10.1. Case Study: Guinness Breweries

Guinness Breweries has employed a unique marketing approach to become the leading

branded alcohol company in Ghana. Whilst younger consumers initially viewed its Star Lager

beer as old fashioned, the company turned this perception around to the point that it became the

biggest brand in Ghana. To maximize the return on its marketing resources, the company

focused on a single, high-impact platform that would resound with younger consumers; a reality

show focused on regional talent. To overcome limited access to TVs, the company sponsored

viewing bars where the show was screened in conjunction with promotions on the company’s

drinks. It also held contests to boost audience engagement. Guinness Breweries provided

training and branded material to retailers to ensure that the brand was delivered successfully to

target consumers. It also leveraged mobile and internet technology: the company generated more

than 1 million text message votes and web traffic of approximately 40,000 hits per week. 23

11. Conclusion

As entering the Ghanaian market grows increasingly attractive, companies are devising

creative ways to gather the market insights they need to craft compelling consumer offers that

can both meet the needs of Ghanaian consumers and generate strong revenue and profits. As

identified by the issues, challenges, insights, and recommendations throughout this paper,

companies interested in entering and winning in Ghana need to devise a structured approach to

understand and do business with Ghanaian consumers. By focusing on the unique needs,

behaviors, and preferences of Ghana’s consumer segments, and by applying an orderly approach

to market entry and ongoing success; companies can capture the Ghanaian opportunity on their

own terms, and in the process, ensure long-term profitable growth.


12

12. Exhibits

Exhibit 1: Ghana's Real GDP Growth vs. Sub-Saharan Africa Since 1990

Source: Ernst & Young

http://emergingmarkets.ey.com/worldmap/ghana/


13

Exhibit 2: Per Capita Income Growth in Ghana (1960 to 2011)

Source: The World Bank

http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&hl=e

n&dl=en&idim=country:IDN:IND:CHN#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_g

dp_pcap_cd&scale_y=lin&ind_y=false&rdim=region&idim=country:GHA&ifdim=region&tstar

t=-297720000000&tend=1311652800000&hl=en_US&dl=en&ind=false

Exhibit 3: Ghana’s Economic Growth Forecasts

Source: Economist Intelligence Unit, accessed July 26, 2013, www.eiu.com


14

Exhibit 4: Ghana Stock Exchange Composite Index from August 2012 to July 2013

Source: Bloomberg, “Snapshot of the Ghana Stock Exchange Composite Index,” accessed July

26, 2013, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=215060

Exhibit 5: Number of Registered Companies in Ghana (2002 – 2007)


http://www.tradingeconomics.com/ghana/new-businesses-registered-number-wb-data.html


15

Exhibit 6: Ghana’s Major Trading Partners (Exports and Imports)

Source: The Observatory of Economic Complexity: “Ghana”www.atlas.media.mit.edu

Retrieved July 26, 2013

Exhibit 7: Ghana’s Imports (2003 to 2012)


http://www.tradingeconomics.com/ghana/imports


16

Exhibit 8: Ghana’s Exports


http://www.tradingeconomics.com/ghana/exxports

Exhibit 9: ECOWAS Member Countries

Source: Economic Community of West African States, http://ecowas.int/


17

Exhibit 10: FDI Growth in Ghana


http://www.tradingeconomics.com/ghana/foreign-direct-investment-net-bop-us-dollar-wb-

data.html

Exhibit 11: Ghana’s Population Growth (2000 – 2013)


http://www.tradingeconomics.com/ghana/population


18

Exhibit 12: Age of Distribution of Ghana (Ages 15+)

Source: CIA World Factbook, “Ghana’s Age Distribution,” accessed July 26, 2013

https://www.cia.gov/library/publications/the-world-factbook/fields/2010.html

Exhibit 13: Education Level Demographics for Ghana

Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-demographic-profiles-gender-gap-

communication-urban-rural-divide-residence


19

Exhibit 14: Distribution of Population by Region

Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-demographic-profiles-gender-gap-

communication-urban-rural-divide-residence


20

Exhibit 15: Ghana’s Ease of Doing Business

Doing Business 2013 Rank Doing Business 2012 Rank Change in Rank

64 63 -1

Topic Rankings DB 2013 Rank DB 2012 Rank Change in Rank

Starting a Business 112 104 -8

Dealing with Construction Permits 162 160 -2

Getting Electricity 63 66 3

Registering Property 45 37 -8

Getting Credit 23 38 15

Protecting Investors 49 46 -3

Paying Taxes 89 80 -9

Trading Across Borders 99 98 -1

Enforcing Contracts 48 47 -1

Resolving Insolvency 114 115 1


http://www.doingbusiness.org/data/exploreeconomies/ghana/


21

Exhibit 16: Corruption in Ghana

Source: Transparency International

http://www.transparency.org/country#GHA


22

Exhibit 17: Ghana’s Mobile Phone Use

Source: AudienceScapes National Survey of Ghana, July 2009.

http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-

television-radio-internet-mobile%20phones-newspapers-word-of-mouth-opinion


23

Exhibit 18: Ghana’s Mobile Phone Use by Demographic Groups

Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-


Exhibit 19: How Mobile Phones are used in Ghana

Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-communication-overview-



24

Exhibit 20: Internet Usage in Ghana


http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-

internet-web-2.0-

Exhibit 21: Profile of Ghana’s Internet Users



internet-web-2.0-


25

Exhibit 22: Ghana’s Internet Activities



internet-web-2.0-


26

Exhibit 23: Trustworthiness of the News and Information Provided by the Internet



internet-web-2.0-

Exhibit 24: Trustworthiness of the News and Information Provided by the Radio



internet-web-2.0-


27

Exhibit 25: Ghana’s Top Radio Stations



radio-develoment-news-most-important-source

Exhibit 26: Ghana’s Radio Station Regional Audience



radio-develoment-news-most-important-source


28

Exhibit 27: Types of Television Access in Ghana



television-access-use-channels

Exhibit 28: Top TV Stations by Settlement Type





29

Exhibit 29: Newspaper Audience in Ghana




Exhibit 30: Effectiveness of Word-of-Mouth

Source: AudienceScapes National Survey of Ghana, July 2009. http://www.audiencescapes.org/country-profiles-ghana-media-and-communication-overview-word-

mouth-and-opinion-leaders-women-rural-urban-information-networks


30

Exhibit 31: Trustworthiness of the News and Information Provided by Family & Friends



Exhibit 32: Trustworthiness of the News and Information Provided by “Other People in

the Community”




31

13. References 1 Economy Watch, “12 Fastest Growing Economies of 2011,” January 9, 2011,

http://www.economywatch.com/economy-business-and-finance-news/12-fastest-growing-

economies-of-2011-8-12.html?page=full

2 Ernst & Young, “Emerging Markets Center: Ghana,” accessed on July 25, 2013,

http://emergingmarkets.ey.com/worldmap/ghana/

3 African Development Bank, “The African Consumer Market,” March 5, 2012,

http://www.afdb.org/en/blogs/afdb-championing-inclusive-growth-across-africa/post/the-

african-consumer-market-8901/

4 The World Bank, “Ghana GDP Per Capita”, accessed July 15, 2013,

http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_pcap_cd&hl=e

n&dl=en&idim=country:IDN:IND:CHN#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_g

dp_pcap_cd&scale_y=lin&ind_y=false&rdim=region&idim=country:GHA&ifdim=region&tstar

t=-297806400000&tend=1311566400000&hl=en_US&dl=en&ind=false

5 UN Population Division, Revised 2012

6 The World Bank, “FDI in Ghana,” accessed July 26, 2013,

http://www.tradingeconomics.com/ghana/foreign-direct-investment-net-bop-us-dollar-wb-

data.html

7 Bloomberg, “Snapshot of the Ghana Stock Exchange Composite Index,” accessed July 26,

2013, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=215060

8 The World Economic Forum, “Quality of Overall Infrastructure - Country Rankings 2011,”

2011, http://www.photius.com/rankings/infrastructure_quality_country_rankings_2011.html

9 Trending Economics, “Ghana's Population Growth,” accessed July 25, 2013

http://www.tradingeconomics.com/ghana/population

10

UN Population Division, Revised 2012

11

World Health Organization, “Urban Population Growth,” accessed July 20, 2013,

http://www.who.int/ghana/urban_health/situation_trends/urban_population_growth_text/en/

12

Nielsen Africa, “Mobile Phones Dominate in Ghana,” accessed July 21, 2013,

http://www.nielsen.com/us/en/newswire/2012/mobile-phones-dominate-in--africa.html

13

The World Bank, “Doing Business in Ghana,” accessed July 22, 2013,

http://www.doingbusiness.org/data/exploreeconomies/ghana/


32

14 Transparency International, “Corruption Perception Index,” accessed July 22, 2013,

http://cpi.transparency.org/cpi2012/results/

15

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Documents

Emerging Markets Case Study: Winning in Ghana · Emerging Markets Case Study: Winning in Ghana by Thembani Nkomo 1 1. Introduction An economic study conducted by The …